Binance’s Pursuit of Anti-Money Laundering Compliance in Taiwan
Binance, a prominent cryptocurrency exchange, is seeking anti-money laundering compliance in Taiwan, signaling its interest in entering the region’s crypto market. The Taiwan Financial Supervisory Commission confirmed that Binance has applied for a declaration of anti-money laundering measures.
Key Points:
- Binance is among the entities pursuing anti-money laundering compliance in Taiwan.
- The application to register in Taiwan suggests Binance’s interest in the region’s crypto market.
- Chen Peiyun, co-founder of Taiwan’s BitShine crypto exchange, mentioned Binance as a potential entrant into the Taiwanese market.
- Binance is expected to utilize a Taiwan-registered company called Binance International Limited Taiwan Branch.
- The company was founded in May 2023 and officially registered in Taiwan in June.
Binance’s Journey: From the US to Asia
In 2022, China banned cryptocurrencies due to concerns over financial crime and risks to its financial system. Taiwan took a more hands-off regulatory approach until March 2023 when it appointed an official regulator for the crypto industry. Binance’s potential entry into the Taiwanese market comes amidst ongoing regulatory examinations in the United States and Europe. The exchange is facing legal actions in the US and has withdrawn from several European jurisdictions.
Hot Take:
Binance’s pursuit of anti-money laundering compliance in Taiwan demonstrates its determination to expand its presence in the Asian crypto market. This strategic move allows Binance to explore new opportunities while navigating regulatory challenges in other regions, positioning itself as a global player in the cryptocurrency industry.
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